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Oberoi developers and Shimao Group to bid for Dharavi redevelopment project

Oberoi Constructions and $10bn Chinese real estate firm Shimao group have joined hands to bid for the Rs 10,000-crore Dharavi Redevelopment Project.

Apnaloan.com Research Bureau

13 Sep 2007

Oberoi Constructions and $10bn Chinese real estate
firm Shimao group have joined hands to bid for the Rs 10,000-crore Dharavi
Redevelopment Project.

The company has floated a special purpose vehicle
(SPV) with Shimao for the same. The consortium will bid for all the five
sectors under the Dharavi redevelopment plan.

The equity holding of both the entities is not known.
Other realty developers have also tied up with international counterparts to
bid for this project. To name a few, HDIL tied up with investment major Lehman
Brothers and Akruti has formed a consortium with Dubai-based Dubai World to
bid for the project.